There are several types of DCLs, including home equity loans, zero-interest balance transfers on credit cards, personal loans, and consolidating student loans.
Most financial experts agree that a Debt Management Plan (DMP) is the preferred method of debt consolidation.
— and what the monthly payment and interest rates are on those bills. Once you have this information, make sure to compare lender’s rates, fees and length of time making payments before making a decision.
A consolidation loan should reduce your interest rate, lower your monthly payment, and give you a practical way to eliminate debt.
The best way to consolidate credit card debt under ,000 could be to get a zero-percent interest credit card and transfer balances from high-interest credit cards over to it.
You also could look at a personal loan to pay off your balances.
The non-profit agency can help you get a lower interest rate from creditors and reduce or waive late fees to help make your monthly payment affordable.